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Gig Harbor’s Heritage Distilling goes public

Gig Harbor’s Heritage Distilling has officially gone public, marking a new chapter in its growth and expansion.

Heritage Distilling is now publicly traded on the NASDAQ index under the ticker symbol CASK.

The company’s initial public offering started with more than 1.6 million shares available at $4 per share. The price dropped to $3.21 shortly after opening, before beginning to rise again.

The offering is expected to wrap up on Monday, Nov. 25. Newbridge Securities Corporation is overseeing the process.

Heritage background

Heritage Distilling’s move to the NASDAQ stock exchange gives the company more exposure and easier access to funds for growth and expansion.

Justin and Jennifer Stiefel, along with Drew and Sara Kellerman, founded Heritage in 2011. The award-winning distillery operates tasting rooms in Gig Harbor, Roslyn, Tumwater, and Eugene, Oregon.

Heritage Distilling offers a variety of spirits, including whiskeys, flavored vodkas and limited-edition items like the Cocoa Bomb Chocolate Whiskey and Spirits Advent Calendars.

Heritage is expanding across the country, using both traditional sales and its unique Tribal Beverage Network. This program partners with Native American tribes to create branded distilleries and products, bringing benefits to both the tribes and their communities.

In October, Heritage Distilling expanded with a new tasting room at the Angel of the Winds Casino Resort in Arlington. The partnership with the Stillaguamish Tribe marks the first tasting room at a tribally-owned casino in the Pacific Northwest.

Spirits market

Heritage Distilling competes in a crowded craft spirits market but stands out with a wide range of products across different categories. According to the Distilled Spirts Council of the United States, annual revenues from spirits have grown more than 5% over the past 20 years.

The United States is the second-largest market in the world, generating more than $200 billion in economic activity each year. Ready-to-drink cocktails remain the fastest growing spirits category by revenue, totaling $599 million.